With Small Business Rate Relief eligible ratepayers pay no rates on properties with rateable values up to £6,000, with a tapered relief of between 100% and 0% for properties with rateable values between £6,001 and £12,000.
In the budget on Wednesday, 23rd March 2011, the Chancellor of the Exchequer announced the extension of the temporary small business rate relief to Sunday, 30th September 2012 which was previously due to end on Friday, 30th September 2011.
The measure doubles the usual rate of relief so that ratepayers with rateable values below £6,000 pay no rates at all for the period, while ratepayers with rateable values between £6,000 and not more than £12,000 receive tapered relief from 100% - 0%.
There are no other adjustments to the scheme. For example, the eligibility criteria remain the same. There will be no changes to the multiplier so those businesses that do not fall within the eligibility criteria of the scheme will see no change in their bills. The government is making this change to the Small Business Rate Relief scheme to provide help with the fixed costs of starting and running a small business as the economy starts growing again.
Once the legislation has been put in place all those who currently receive small business rate relief will receive revised bills. In the meantime small businesses will need to carry on paying thier instalments. Current collection and enforcement procedures will continue to apply to ratepayers who miss scheduled instalments.
For more information you can phone the Business Rates Team on 01529 414424.